Assume that you just won the state lottery. Your prize can be taken either in the form of $5000 at the end of each of the next 20 years (that is, $100,000 over 20 years) or as a single amount of $65,000 paid immediately. If you expect to be able to earn 5% annually on your investments over the next 20 years, ignoring taxes and other considerations, which alternative should you take? Why